Category: business

business · money · Money Monday

Money Monday #5 – Know Your Assets and Liabilities

Rik2 Comments
Various Federal Reserve Notes, c.1995. Only th...
Image via Wikipedia

Welcome to another edition of #MM # Money Monday, your weekly guide to better money management and more.

The Money Tweet: “#mm #MoneyMonday ”Know Your Assets & Liabilities” it’s a key essential in the progress of reducing debt & cost while gaining profits & value ”

Today’s post is about, knowing your Assets and Liabilities.  I lot of people don’t consider tracking their money, and pay attention to thing that may cost them money over time.  When you think of money, you should also think of value and investments, costs.  Those are key factors within accounting business and that shows how well a business is doing and managing itself.

For example, a car may be looked at as an asset based on it purpose for it holds value and is considered a property. If you use your car for productivity such as ease of travel, business motives that involves making more money, then a car is a great asset and a worthy investment.  But once a car is constantly breaking down or you a bad driver and the car constantly is getting damaged and the cost super exceeds the actual value of the car, then its costly liabilities and will eventually land you in the poor house.

Another example, your savings or checking account with funds within is considered an asset because it is cash or a money value, but it can be set as an issue if you have little funds within or overdraw your account and you are paying fees back to the bank for overdrawn amounts.

So please look through your expenses, properties, investments, savings and much more, I would recommend monthly or at least quarterly to define and asset what is an asset and what is a liability and if they have changed over time.  To know if you are not in debt or you are seeing profits over time, the equation is simple.  Liabilities – Assets = Profit/Loss.  If it a positive number of course its a profit, but if it is a negative number that is a loss.

Thanks for tuning in to Money Monday
“Remember to always get your money right.”
Richardo

PS: Subscribe today to get Money Monday posts straight to your email inbox with ease. It’s so easy to subscribe.  Also you can follow us on twitter and see each post every Monday -> @rawmultimedia.

Related Articles
blogging · business · money

You Know The Rules: Business Before Pleasure

Rik1 Comment
New York City Hall
Image via Wikipedia

A lot of people forget to follow the key rules in life, today one of the rules is “Business Before Pleasure“.  How this rule applies to this post goes as follows.  As much I would love to blog my heart out, go to Manhattan and sight see and tour about the place (I live in New York City), watch hours and hours of movies and tv shows on Netflix on my Nintendo Wii or even play such fun and exciting video games like Uncharted 2, Need For Speed Hot Pursuit, Fifa 2011, Wwe Smackdown vs Raw 2011, and Call of Duty Black Ops, I got bills to pay today.  Two of my bills are due today and the more time I leave in paying it leaves me at risk of paying late and getting hit with a late payment charge which is a no no in my book, and should be in everyone else’s book.  So me knowing the rules especially Business Before Pleasure, I shall head over to my bill website and make my prompt payment to their company, so we all can be happy.  They getting paid makes them happy, and I know they got paid I am happy, as well as them not obtaining extra funds from me for something careless as a late payment. Thanks to me being responsible and the same people who I am paying are the same ones that allow me to receive such fun games in which I will play after all businesses are cleared up.  Now that is awesome.

Remember everyone, Pay your bills on time.

Thanks for reading
Richardo

PS: Stay tuned to my blog here on wordpress and follow me on twitter in 2011 for my series “MONEY MONDAY” “#MM” in which I give out free tips about business, finances, budgeting and so much more.  I hope you follow along.

Related Articles